TRUSTS
In making a will and setting out plans for the eventual distribution of your estate, the day when any action is needed is hopefully many years away. Obviously a great deal can happen between then and now - and you can almost certainly expect your personal circumstances to change several times over.
Apart from stating who should get specific legacies, your will is the relevant legal vehicle for dealing with various contingencies and protecting your interests.
WHAT IF ……?
You may have young children and look forward to the day when you can enjoy the company of their children – your grandchildren. But what happens if something happens to you and your partner next week, next month or next year? What happens to the children – and how are they going to continue to live and pursue their education?
What if you or your partner become unable to look after yourself in your own home and have to move to sheltered accommodation? Will you be exposed to a legal obligation to pay the Local Authority from your assets?
Have you worked hard all your life to create a home for yourself and your family – and one day expect them to inherit what you have created? Do you want to minimise the potential liability of your estate to Inheritance Tax?
These are some of the questions to ask yourself when deciding the content of your will. Prudent estate planning will anticipate various ‘what if’ scenarios and make provisions above and beyond the scope of a basic – or ‘simple’ will.
A Trust is one of the most useful legal devices to associate with your will - contact us to find out what is suitable for you.
